Wealthy millionaires, even billionaires starting over?

@Renhard (3480)
Jamaica
November 11, 2012 3:09pm CST
What if they all had to start over with the aim to gain back their same wealth, starting today from scratch? We know some millionaires get money from luck or inheritance, but I have also heard most that do sustain their wealth, have special mindsets that corroborate their aim in life. BUT, look at Bill Gates, who revolutionized computers. What if he was to start from scratch what if a replacement of microsoft was made years back and computers were already revolutionized by someone else would Bill gates be able to regain so much wealth from starting out as the cashier at McDonalds? In summation, what if all ideas that all these billionaires and even millionaires came up with were taken by someone else, with these billionaires and millionaires mindsets could they start something even new in the society without inheritance of money and still succeed? Could they start even there same idea and surpass the competition that have a much higher reputation? This is the 21th century and most idea one can come up with is already taken. To be completely original is almost impossible, but with new technology, new areas of jobs can be created to maintain these technology. But still 100 years back someone could think about 20 ideas with the chance that 15 were never thought of before, now, someone can think of 100 ideas with the chance that only one wasn't thought of before.
2 people like this
5 responses
@suspenseful (40326)
• Canada
11 Nov 12
They could start over, but would not get to the same point that they were when they made their first million. For instance, the tax laws would be a detriment. When they were first making their millions, perhaps there was no income tax, then no progressive tax. Then they would have to try to invent something else. The last is the time. If it took twenty years to gain that million and maybe the former millionaire or billionaire is in his sixties, how much time does he have left? He would have to work harder and maybe now does not have the stamina, so he would die before he got where he was before.
@Renhard (3480)
• Jamaica
11 Nov 12
Well I do understand what you are saying but don't focus on age for now. Even though my discussion is geared against rich people who already made millions, it is more focus on "how the mindset actually get them to their wealthy state." Or better yet said if I gave a homeless man this exact same mindset and determination, would that homeless man, no matter how long it takes, get rich some way, some how in this present society?
1 person likes this
@Renhard (3480)
• Jamaica
11 Nov 12
As I read this the first thing that comes to my mind is all those strategies business owner 'sell'. You know those ridiculous strategies on how to sell online or how to make money online, or even how to make money on mylot and they claim the great amount of money they have made. Only to forget to tell people the only money they have really ever made is through selling the strategy but not actually through doing the strategy. On another matter now, that opportunity thing is really important. Thinking about it you can use an idea from america and carry it to africa and make millions off it. There is a greater opportunity to succeed in an area really lacking something needed; Being born in the north pole can give you more success than in the south pole if you get what I am saying.
1 person likes this
@Renhard (3480)
• Jamaica
8 Jan 13
Too bad it is hard for them to unite.
@matersfish (6311)
• United States
11 Nov 12
For successful wealthy people, not meaning those who inherited money, they had more going for them than just a good idea or luck. A lot of people have a lot of good ideas. A lot of people get lucky. But what they had was drive. That's something not everyone has, and that's one of the primary factors separating successful people from unsuccessful people. I've used this example before in discussions on myLot. I watched a show one time about these restaurant workers threatening to go on strike. The busboy interviewed was steaming mad, screaming that he deserved to be paid just as much as the owner of the establishment. But where's his drive to own his own restaurant? Thinking you're entitled to earn more and believing that you're "equal" to ownership just because you breathe the same air isn't going to get you anywhere. On the flip side, having the drive to want to own something that's yours, and making the investment and taking the risk, is how you ultimately end up an owner who hires young whiners. Dollar figures aside, I think most of the successful people can still be successful again if they had to. There are an infinite number of variables here, but I'd say they're in a better position to reclaim success than the average person.
1 person likes this
@Renhard (3480)
• Jamaica
11 Nov 12
I do get what you are saying but let us forget about the millionaire himself now and just focus on his traits specifically. Let I use the same example as the responder above. What if you gave a homeless man the drive and millionaire mindset, could he succeed from $0. Whether it means begging the first US$10 to buy toothpaste,soap and rag to scrapping board from a junk yard for making a small unstable shelter, beg a few more dollars jus enough to buy a shirt and a pants. Work in burger king. earn a little more to rent an apartment, work hard travelling from burger king to another job,get 5 suits of clothes.... you see where I am heading. Don't focus on how long he would take to be wealthy whether it be 10 years, 20 years or even 40 years, could he be successful with the thinking mindset of a millionaire. Meaning he has the drive, he has the determination, he know what he wants to achieve and he will seize an opportunity.
1 person likes this
• United States
12 Nov 12
There is no yes or no answer or a right or wrong answer. It all depends on a lot of different factors. But let's say this guy had the drive and determination to work very hard -- 60-80/hour weeks, saves his money and lives frugally, doesn't make stupid investments, etc, he would be in a good position to build on his wealth. With the money saved and his work experience, he could work up a solid business plan and find an investor and open up a Burger King franchise of his own. Not everyone is going to achieve. Another guy doing the same thing could end up getting laid off from a job while he's saving money. He could get a girl knocked up. He could get sick. There are all sorts of things. But if you have the drive and determination and are willing to work, your odds of becoming successful do dramatically improve. Not guaranteed, of course, but a hell of a lot closer than a loafer is or someone who feels entitled or someone too dim to realize they can climb a ladder.
@Renhard (3480)
• Jamaica
8 Jan 13
Sorry I took so long to respond. My time was focused on school related things for a while. Any ways, I understand what you are trying to say. Basically there is a more chance of him being successful but at the same time, it is not a 100 percent certainty that he will achieve it.
• United States
11 Nov 12
I'm sure there are new things to be created or invented, we should never think that its already been tried or even if we have a new idea we should do our best to see if we can get it developed. I have a few ideas for things and I plan to see how I can make them become a reality. I would like to start a Television Cable company that charges you only for the channels you want, month by month. Most people only watch a few channels anyway, I would take over the cable companies that currently charge way too much. I would undercut them and put them out of business. I have a few other ideas for MTV and VH1.
@Renhard (3480)
• Jamaica
11 Nov 12
I know there will always be things to be created, but I am saying as times passed, it's harder to think about stuff. And almost every new stuff is usually a branch of something already, like your company is a branch of cable, something created years ago. But I like that you are really thinking though. I also have a few ideas but needs a really good amount of money to accomplish. Being that I just graduated from high school, I have a lot of years above me. I might only put my idea into action if I dont feel stress in anyway from my future occupation, a surgeon. The reason is that my idea, really is going to take up many resources, a when it has finished, the benefits would be more for the generations to come after me. Wont be too easy to complete. I do have the serious drive to complete it now, but times can change for future if I can satisfy with my money to come.
@Hatley (157876)
• Garden Grove, California
11 Nov 12
hi Renhard yes some could as they are clever and think outside the box so they would be ones to find something completely new and they would know how to carry it through, patent it and start making millions all over again. Others would flounder like the rest of us and with luck would once more find a new idea and go for it.Some others would just give up and not worry about it.Some who were wealthy by inheritance might not be able to do anything to make millions but cou d work in a different.
@Renhard (3480)
• Jamaica
12 Nov 12
So what if you took the experience out, and they only remain with the drive to succeed, the readiness to think about ideas and the readiness to sieze opportunity, would they still succeed? What if I gave all that to a homeless guy with not even a dollar in his pocket, whether it means he has to beg the first $10, can he succeed?
@Renhard (3480)
• Jamaica
8 Jan 13
We don't but what if we did? What about those lazy ducks that prefer to not learn the skill at all. All I am saying is what if we could really professional teach an average person the mindset to become rich, would he succeed? Its clear that sometimes it is luck but other times it is just how a person thinks, and his/her determination to get any plan he/she has in motion.
@dorannmwin (36692)
• United States
14 Nov 12
The real answer to this question would be a matter of how these individuals would have to start over. If they had to start over with their current ages, I think that they still might find wealth in their lives, but I don't think that it would be wealth to the same degree that they have wealth at this moment. Now to assume that their great ideas were taken by the time that they came up with them, I would think that they would have developed the same level of wealth because most of these people are genuses and therefore would have found another way to make their wealth.
@Renhard (3480)
• Jamaica
8 Jan 13
So you do think they can make back their riches. SO in a sense it is possible that the ideas that these rich people are selling to lower wages people to teach them to make money can really works? That is if quality work is put into such products. I am sorry for taking so long to reply. My time was focus on some school related work.